By Martin MouChina Evergrande Group shares in Hong Kong tumbled Monday morning after the Chinese developer warned its first-half net profit could decline about 46% due to the impact from Covid-19. Evergrande shares were last down 8.5% at HK$20.50, though they have gained 29% over the past three months. The developer said over the weekend that Covid-19 restrictions hurt its business performance, while higher expenditure and foreign-exchange losses also weighed on first-half results. Evergrande posted net profit of 14.92 billion Chinese yuan（US$2.15 billion) for the first half of 2019. Write to Martin Mou at martin.mou@wsj.com(END) Dow Jones NewswiresAugust 16, 2020 22:09 ET (02:09 GMT)Copyright (c) 2020 Dow Jones & Company, Inc.

Source: Wall Street Journal August 17, 2020 01:52 UTC